Two-wheeler stocks in demand
Shares of two-wheeler makers rose by 3% to 5% after finance minister Nirmala Sitharaman suggested rate revision as the category is neither a luxury nor sin good.
TVS Motor Company (up 5.82%), Hero Motocorp (up 4.56%) and Bajaj Auto (up 3.88%) advanced.
Meanwhile, the S&P BSE Sensex shed 7.43 points or 0.02% to 38,836.45.
Finance minister Nirmala Sitharaman on Tuesday said the Goods and Services Tax (GST) Council will take up an industry proposal to reduce the tax on two-wheelers as it is neither a luxury nor a demerit good.
Sitharaman was addressing the captains of the Indian Industry at a Confederation of Indian Industry (CII) virtual platform on Tuesday, 25 August 2020.
The statement comes ahead of a Council meeting on 19 September 2020. Two wheelers attract 28% GST.
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